Hyderabad: Voicing concern over India slipping into debt-trap with nearly 25 per cent of its total revenues going towards payment of interest, noted economist and former member of Planning Commission, Mohan Dharia on January 29 warned that World Bank prescribed policies would prove disastrous for the country.

"Having acquired power on Swadeshi agenda, the government is accepting an easy approach based on the advice of World Bank and IMF (International Monetary Fund). This will prove disastrous for the country," Dharia said while inaugurating the Foundation Day celebrations of National Institute of Rural Development (NIRD) in Hyderabad.

Stating that a country, which pays nearly 25 per cent of its total revenues towards interest would "never be able to achieve its social objectives and self-reliance", he dubbed World Bank and IMF as "sophisticated agents of multinationals and rich countries".

"I firmly believe that our land, water, forests, cattle wealth and other natural resources are the real strength of India... By fully developing our natural resources we can be a debt-free country," Dharia said.

Favouring linking of rivers and declaring water as a national resource with all states having equitable rights, he dismissed the forecast of food and water scarcity for India in 21st century saying networking rivers could provide a solution.

PTI